SaverOne 2014, which is developing an electronic system that blocks cellphone use while driving, raised $12 million by offering 2.9 million units at $4.13, slightly above the as-converted last close of its shares on the Tel Aviv Stock Exchange ($4.08). Each unit consists of one ADS and one warrant, exercisable at $5. The company offered 0.7 million more units than previously anticipated.
Because the company offered units with warrants attached and priced at a market cap less than $50 million, SaverOne will be excluded from Renaissance Capital's 2022 IPO stats.
The company is engaged in the design, development and commercialization of transportation and safety solutions. Its SaverOne system combines proprietary hardware, software, and algorithms to identify and monitor mobile phones located in the driver’s vicinity and selectively block use of life-threatening applications. SaverOne has completed development of its Generation 1.0 system and is in the pre-commercialization/early use phase. Its Generation 2.0 system, which will replace Generation 1.0, is nearing completion, and its Generation 3.0 system is in the early stages of development with an expected launch in 2025. Generation 1.0 and 2.0 are intended for the automobile aftermarket, while the Generation 3.0 is being designed for the OEM market.
SaverOne 2014 plans to list on the Nasdaq under the symbol SVRE. ThinkEquity acted as sole bookrunner on the deal.
